Saturday, May 4, 2024

Kotak Mahindra Bank Announces Standalone PAT For FY24 Rs 13,782 Crore, Up 26% YoY

* Q4FY24 Rs 4,133 crore, up 18% YoY and 38% QoQ

* Consolidated PAT for FY24 Rs 18,213 crore, up 22% YoY

* Q4FY24 Rs 5,337 crore, up 17% YoY and 25% QoQ

The Board of Directors of Kotak Mahindra Bank (“the Bank”) approved the audited standalone and consolidated results for the quarter and financial year ended March 31, 2024, at the Board meeting held in Mumbai, today.

Kotak Mahindra Bank standalone results

The Bank’s PAT for FY24 increased to Rs 13,782 crore from Rs 10,939 crore in FY23, up 26% YoY. PAT for Q4FY24 stood at Rs 4,133 crore, up 18% YoY from Rs 3,496 crore in Q4FY23 (up 38% QoQ from Rs 3,005 crore in Q3FY24).

Net Interest Income (NII) for FY24 increased to Rs 25,993 crore, from Rs 21,552 crore in FY23, up 21% YoY and for Q4FY24 increased to Rs 6,909 crore, from Rs 6,103 crore in Q4FY23, up 13% YoY (up 5% QoQ from Rs 6,554 crore in Q3FY24). Net Interest Margin (NIM) was 5.28% for Q4FY24.

Fees and services for FY24 increased to Rs 8,464 crore from Rs 6,790 crore in FY23, up 25% YoY and for Q4FY24 increased to Rs 2,467 crore from Rs 1,928 crore in Q4FY23, up 28% YoY (up 15% QoQ from Rs 2,144 crore in Q3FY24).

Operating costs increased to Rs 16,679 crore in FY24 (Rs 13,787 crore in FY23). Technology expenses were 10% of total operating cost in FY24.

Operating profit for FY24 increased to Rs 19,587 crore from Rs 14,848 crore, up 32% YoY and for Q4FY24 increased to Rs 5,462 crore from Rs 4,647 crore in Q4FY23, up 18% YoY (up 20% QoQ from Rs 4,566 crore in Q3FY24).

Customers as at March 31, 2024 were 5.0 cr (4.1 cr as at March 31, 2023).

Advances (incl. IBPC & BRDS) increased 20% YoY to Rs 391,729 crore as at March 31, 2024 from Rs 325,543 crore as at March 31, 2023. Customer Assets, which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes, increased by 20% YoY to Rs 423,324 crore as at March 31, 2024 from Rs 352,652 crore as at March 31, 2023. Unsecured retail advances (incl. Retail Micro Finance) as a % of net advances stood at 11.8% as at March 31, 2024 (10.0% as at March 31, 2023).

Bank completed acquisition of Sonata Microfinance, an entity based out of North of India in FY24.

CASA ratio as at March 31, 2024 stood at 45.5%.

Average Current deposits grew to Rs 60,160 crore for Q4FY24 compared to Rs 58,415 crore for Q4FY23 up 3% YoY. Average Savings deposits grew to Rs 123,457 crore for Q4FY24 compared to Rs 117,824 crore for Q4FY23 up 5% YoY. Average Term deposit grew to Rs 224,703 crore for Q4FY24 compared to Rs 166,644 crore for Q4FY23 up 35% YoY.

ActivMoney was launched in Q1FY24 and TD sweep balance grew 102% YoY to Rs 47,052 crore.

As at March 31, 2024, GNPA was 1.39% & NNPA was 0.34% (GNPA was 1.78% & NNPA was 0.37% at March 31, 2023). Capital Adequacy Ratio of the Bank, as per Basel III, as at March 31, 2024 was 20.5% and CET1 ratio of 19.2%.

Standalone Return on Assets (ROA) for FY24 was 2.61% and for Q4FY24 was 2.97%. Return on Equity (ROE) for FY24 was 15.34% and for Q4FY24 was 17.54%.

The Board of Directors of the Bank has recommended dividend of Rs 2.00 per equity share having face value of Rs 5, for the year ended March 31, 2024, subject to approval of shareholders.

Consolidated results at a glance

Consolidated PAT for FY24 increased to Rs 18,213 crore from Rs 14,925 crore in FY23, up 22% YoY and for Q4FY24 was Rs 5,337 crore, up 17% YoY from Rs 4,566 crore in Q4FY23 (up 25% QoQ from Rs 4,265 crore in Q3FY24).

At the consolidated level, the Return on Assets (ROA) for FY24 was 2.66% and for Q4FY24 was 2.92%. Return on Equity (ROE) for FY24 was 15.08% and for Q4FY24 was 16.85%.

Consolidated Capital Adequacy Ratio as per Basel III as at March 31, 2024 was 21.8% and CET I ratio was 20.7%.

Consolidated Networth as at March 31, 2024 was Rs 129,892 crore. The Book Value per Share was Rs 653. Consolidated Customer Assets which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes grew to Rs 479,169 crore as at March 31, 2024 from Rs 393,882 crore as at March 31, 2023, up 22% YoY.

Total Assets Under Management as at March 31, 2024 were Rs 560,140 crore up 33% YoY over Rs 420,880 crore as at March 31, 2023. The Domestic MF Equity AUM increased by 58% YoY to Rs 246,771 crore as at March 31, 2024.

The financial statements of Indian subsidiaries (excluding insurance companies) and associates are prepared as per Indian Accounting Standards in accordance with the Companies (Indian Accounting Standards) Rules, 2015. The financial statements of subsidiaries located outside India are prepared in accordance with accounting principles generally accepted in their respective countries. However, for the purpose of preparation of the consolidated financial results, the results of subsidiaries and associates are in accordance with Generally Accepted Accounting Principles in India (‘GAAP’) specified under Section 133 and relevant provision of Companies Act, 2013.

About Kotak Mahindra Group

Established in 1985, Kotak Mahindra Group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received banking license from the Reserve Bank of India (RBI), becoming the first non-banking finance company in India to convert into a bank - Kotak Mahindra Bank Ltd (KMBL).

Kotak Mahindra Group (Group) offers a wide range of financial services that encompass every sphere of life. From commercial banking, to stock broking, mutual funds, life and general insurance and investment banking, the Group caters to the diverse financial needs of individuals and the corporate sector. The premise of Kotak Mahindra Group’s business model is concentrated India, diversified financial services. The bold vision that underscores the Group’s growth is an inclusive one, with a host of products and services designed to address the needs of the unbanked and insufficiently banked.

Kotak Mahindra Group has a global presence through its subsidiaries in UK, USA, Gulf Region, Singapore and Mauritius with offices in London, New York, Dubai, Abu Dhabi, Singapore and Mauritius respectively. As on 31 st March, 2024 , Kotak Mahindra Bank Ltd has a national footprint of 1,948 branches and 3,291 ATMs (incl. cash recyclers), and branches in GIFT City and DIFC (Dubai).

For more information, please visit the Company’s website at

Tata Power Renewable Energy Ltd Signs PPA With SJVN Limited To Set Up 460 MW Firm And Dispatchable Renewable Energy Project

• Plant to generate nearly 3000 million units (MUs) of power and offset ~2,200 Mn. Kgs of CO2 emissions annually

• FDRE facilitates round-the-clock power supply, aiding Discoms in meeting RPO and ESO

Tata Power Renewable Energy Limited (TPREL), a leading entity in India's renewable energy landscape and a subsidiary of The Tata Power Company Limited, has signed a Power Purchase Agreement (PPA) with SJVN Limited (SJVN), an Indian Public Sector Undertaking (PSU), for a 460 MW Firm and Dispatchable Renewable Energy (FDRE) Project.

The plant, designed to meet the 460 MW FDRE requirement, integrates solar, wind, and battery storage technologies to ensure efficient energy dispatch during peak hours, thereby stabilizing the grid. FDRE enables round-the-clock power supply, assisting Distribution Companies (Discoms) in fulfilling Renewable Purchase Obligations (RPO) and Energy Storage Obligations (ESO). This win marked TPREL's inaugural success in the FDRE tender, highlighting its commitment to providing reliable and sustainable energy solutions.

Commenting on the partnership, Mr. Deepesh Nanda, CEO and Managing Director, Tata Power Renewable Energy Limited, said, “This partnership with SJVN Limited will witness the deployment of best-in-class sustainable energy solutions from TPREL. It will go a long way in meeting the green energy objectives of SJVN Limited. By integrating diverse renewable energy sources and leveraging the importance of Firm and Dispatchable Renewable Energy (FDRE), the collaboration will ensure a dependable power supply and also actively contribute to India's ambitious renewable energy targets.”

Pawan Varma, Executive Director (REIA & RTS) at SJVN Limited, said, "We are excited to collaborate with Tata Power Renewable Energy Limited in this endeavour to promote renewable energy in India. Through this partnership, we aim to leverage our combined expertise to drive innovation and support the nation's transition towards clean energy."

The plant is anticipated to generate approximately 3,000 MUs of power while offsetting around ~2200 Mn. Kgs of CO2 emissions annually.

With addition, the total renewables capacity of TPREL has reached 9,421 MW (PPA capacity is 7,978 MW) including 4,906 MW projects under various stages of implementation. The Company’s operational capacity stands at 4,515 MW, which includes 3,485 MW solar and 1,030 MW wind.

Presently, the Company's solar EPC portfolio is more than 12.8 GWp of ground-mount utility-scale, over 2 GW of rooftop and distributed ground-mounted systems and over 1,00,000 solar water pumps. TPREL is committed to providing energy access to millions of people across the country via its integrated green energy solutions.

About Tata Power Renewable Energy Limited: 

Tata Power Renewable Energy Limited (TPREL) is a subsidiary of The Tata Power Company Limited and is one of the country’s most significant renewable energy players. TPREL is a developer of renewable energy projects (including solar, wind, hybrid, round-the-clock (RTC), peak, floating solar, and storage systems including battery storage) that it owns, operates, and maintains. It also offers comprehensive green energy solutions for rural and urban areas like turnkey, EPC and O&M solutions for various business segments like utility-scale projects, solar rooftop, and solar pump systems. Along with its extensive portfolio of renewable solutions, it has a state-of-the-art solar cell and module manufacturing plant of 530 MW solar cells and 682 MW modules in Bengaluru and plans to set up a Greenfield to set up a Greenfield 4.3 GW solar cell & solar module plant in Tamil Nadu. In addition, TPREL also provides electric vehicle (EV) charging solutions across various segments and other advisory solutions across the renewable sector. As on date, TPREL’s total renewable utility capacity is  9,421 MW (PPA capacity is 7,978 MW) including 4,547 MW projects under various stages of implementation and its operational capacity is 4,515 MW, which includes 3,485 MW solar and 1,030 MW wind.  Presently, the company's solar EPC portfolio is more than 12.8 GWp of ground-mount utility-scale, over 2 GW of rooftop and distributed ground-mounted systems, and over 1,00,000 solar water pumps. TPREL aims to provide energy access to millions of people across the country via its integrated green energy solutions. Know more: 

About Tata Power:

Tata Power is a leading integrated power company and a part of Tata Group, India’s largest multi-national business conglomerate. The company has a diversified portfolio of 14,707 MW, spanning across the entire power value chain - from renewable and conventional energy generation to transmission & distribution, trading, storage solutions and solar cells and module manufacturing. As a pioneer of clean energy transition in India, Tata Power has 5,593 MW of clean energy generation, which constitutes 40% of its total capacity. The company has also committed to achieve carbon neutrality before 2045.Tata Power has established India’s most comprehensive clean energy platform, with offerings such as rooftop solar, microgrids, storage solutions, EV charging infrastructure, home automation et al. The company has also attracted global investors to support its growth and vision. Tata Power has successfully partnered with public and private entities in generation, transmission & distribution sectors in India, serving approx.13 million customers across the country. To know more about Tata Power, visit

An Appeal To Donate For A 55 Year-Old-Mother - Kochurani Suffering From Stage 4 Lung Cancer

Kochurani, a vibrant 55-year-old, suddenly found her world turned upside down when she received the devastating diagnosis of stage 4 lung cancer in February 2024. A cherished wife and mother of two, she had always been the beacon of strength and hope for her family and friends.

The Diagnosis:

It all began innocuously with a persistent dry cough in October 2023. Despite diligent adherence to prescribed medications, the cough lingered, prompting further investigation. A plain CT scan initially revealed pneumonia, leading to a two-week hospitalization for treatment. Yet, the cough persisted, prompting a contrast CT scan, which unveiled a concerning mass growth in her left lung. Subsequent lung biopsy confirmed the dreaded diagnosis: lung adenocarcinoma at an advanced stage.

Further tests, including a PET CT scan, revealed the aggressive nature of the cancer, which had metastasized to her right lung, bones, backbone, collar bone, pelvic regions, and the lining of the liver. Amidst escalating pain levels, she underwent radiotherapy to alleviate suffering while awaiting mutation analysis results.

The mutation test results unveiled a rare variant, ERBB2 Exon 20 Insertion, occurring in only 1-5% of adenocarcinoma cases, presenting a daunting treatment challenge. Recommended treatment protocol involved chemotherapy coupled with immunotherapy as the primary line of defence, followed by targeted therapy as the secondary approach. Each cycle of treatment required once every three weeks is a lifeline for Kochurani, promising a second chance to come back to Normal life.

The Plea:

While the family has exhausted savings and incurred loans for a sum of 6,50,000 INR to cover initial treatment costs, the staggering expenses for ongoing care, totalling 26,40,000 INR, looms large. This financial burden threatens to disrupt Kochurani's crucial treatment regimen, jeopardizing her fight for a second chance at life.

In this time of dire need, we humbly appeal to the kindness and generosity of compassionate souls. Your contribution, no matter the size, will make an immense difference in Kochurani's battle against cancer. Together, let us ensure she receives the timely treatment and care she so urgently requires, providing solace and support to her loving family in their time of need.

For more details, contact Freddy - 8884834696 

Your generous help can be made to the below mentioned account or to the ketto campaign for this cause.

PH NO/UPI No - 8884834696

For Bank transfers, NEFT, IMPS, RTGS

Bank Name - ICICI Bank

Account name - Freddy K K

Account number - 437801506664


(The three digits after C and before numeric 4 are Zeros)

To Contribute and support through Ketto Campaign. Please click the link below.

MTR 100th Year Celebration Continues With 'MTR Karunadu Swada' At The Jayamahal Palace From May 4-5, 2024

Mavalli Tiffin Room (commonly known as MTR) restaurant opened in Bangalore in 1924 by Yagnanarayana Maiya. On its 100th year, continuing with celebrations, it's back with the 3rd edition of its iconic Food Festival – MTR Karunadu Swada. This cherished food festival is being held on May 4-5, 2024 at Jayamahal Palace Convention Centre in Bangalore with an aim to delight the hearts of consumers and make them experience often-forgotten recipes from various parts of Karnataka. The festival was inaugurated by Hon’ble Mr. Justice N. Santosh Hegde, Former Solicitor General of India. Also present were Sanjay Sharma, CEO of Orkla India, Sunay Bhasin, CEO MTR and members of the founding Maiya family. 

Under the leadership of MTR’s cuisine centre of excellence, over 50 home chefs are showcasing more than 100 dishes from six regions of Karnataka, including Uttara Karnataka, Kodagu, Dakshina Kannada, Kalyana Karnataka, Udupi and Hale Mysuru, taking the attendees on a sensory journey through the state's culinary legacy. MTR Karunadu Swada is a one stop celebration of Kitchens across Karnataka, using locally sourced ingredients, unique spice blends and recipes passed on through generations.

On this occasion, the brand is extending this unique experience beyond the food festival by launching a special recipe book which is inspired by the dishes showcased at the festival. The book features a curated collection of over 100 forgotten recipes from Karnataka, allowing people to recreate these forgotten dishes at home.

Mr. Sunay Bhasin, CEO MTR, expressed his thoughts, “MTR Karunadu Swada is born out of MTR’s love for the food and culture of Karnataka. It is a celebration of Karnataka's diverse flavours and our commitment to uphold the rich culinary heritage of the state. With evolving consumer needs and fast-paced lifestyles, we've inadvertently lost touch with traditional recipes and flavours that once defined our culture. This food festival serves as a bridge back to our roots, a heartfelt effort to preserve a piece of Karunadu heritage through these treasured dishes.”

In addition to the gastronomic experience, the event features celebrated Karnataka dance forms like Yakshagana and Dollu Kunitha, making it a complete cultural immersion, and highlighting Karnataka's vibrant artistic traditions.

Witness this culinary affair by securing your tickets, available exclusively on

Photo Caption: Mr. Arvind Maiya, Managing Partner MTR Restaurants, Mr. Sunay Bhasin, Chief Executive Officer, MTR, Hon’ble Mr. Justice N. Santosh Hegde, Former Solicitor General of India and Mr. Sanjay Sharma, Chief Executive Officer, Orkla India.

Fortis Hospital Bannerghatta Achieves Breakthrough In Cardiac Care, Successfully Treats 87-Year-Old With Severe Heart Blockages

Fortis Hospital Bannerghatta Road, Bengaluru, successfully treated Mr. Reddy, an 87-year-old resident from Anantapur, who experienced severe breathlessness and chest pain. These symptoms led to the diagnosis of critical heart blockages caused by calcium deposits. Dr. Srinivas Prasad BV, Consultant-Interventional Cardiology, Fortis Hospital, Bannerghatta Road, Bengaluru, used the state-of-the-art Intravascular Lithotripsy (IVL) technology to address the complexities of Mr. Reddy's condition. This innovative technique breaks down the calcium while minimizing vessel wall trauma allowing the surgery to be completed efficiently within 45 minutes. Mr. Reddy was able to go home just three days following the procedure, marking another success in advanced cardiac care by Fortis Hospital Bannerghatta.

Mr. Reddy was referred to Fortis Hospital Bannerghatta due to the unavailability of the required resources in Anantapur to perform the surgery. After a comprehensive evaluation, it was revealed that Mr. Reddy had experienced a mild heart attack caused by the calcific blockages in his coronary arteries. The blockages led to chest pain and breathlessness, impacting his daily activities. Given the urgency and complexity of his case, Dr. Srinivas Prasad BV opted for a minimally invasive procedure called percutaneous coronary intervention (PCI) to open the blocked arteries and restore normal blood flow. This procedure was complemented using Intravascular Lithotripsy (IVL) technology, which efficiently breaks down the calcium deposits while minimizing damage to the vessel wall.

Dr Srinivas Prasad BV, consultant - Interventional Cardiology, Fortis Hospital, Bannerghatta Road, Bengaluru, emphasized the necessity of employing advanced technology over conventional methods. He stated, "The patient had calcium deposits in the heart, which complicated the feasibility of conventional angioplasty (a procedure used to widen narrowed or blocked blood vessels to improve blood flow). Therefore, we opted to proceed with Percutaneous Coronary Intervention (PCI) and Intravascular Lithotripsy (IVL) to open the blocked arteries, restore normal blood flow, and crush the calcium deposits. Following the crushing of the calcium deposits, a balloon was inserted into the artery to open the arterial blocks, and a stent (a small, metal mesh tube) was placed inside the blockages to help keep them open.”

Thanking the medical team Mr Reddy (Patient) said. “I am immensely grateful to Dr. Srinivas Prasad and the entire team at Fortis Hospital Bannerghatta for their exceptional care and expertise. Their dedication and skill restored my health and provided me with reassurance and comfort throughout my journey. I cannot thank them enough for the support, care, and life-saving treatment they provided.”

Mr. Akshay Oleti, Business Head, Fortis Hospitals, Bengaluru, said, "We are deeply gratified to have been able to offer Mr. Ramesh the highest standard of care, leveraging our state-of-the-art facilities and expertise in cardiac interventions. By employing advanced technologies like Intravascular Lithotripsy (IVL), we could navigate the complexities of his condition with precision and efficacy. This successful outcome not only showcases our dedication to providing exceptional patient care but also reaffirms our ongoing commitment to innovation and excellence in cardiovascular medicine."

Belenus Champion Hospitals Launches State-Of-The-Art Cardiology Specialty Clinic

Belenus Champion Hospitals celebrated the grand opening of its new Cardiology Specialty Clinic today, with a ribbon-cutting ceremony attended by prominent figures in healthcare and local governance. The clinic promises to revolutionize cardiac care with its advanced treatment options and comprehensive health packages.

Dr. Ranjan Shetty, Head of Cardiology at Manipal HAL Old Airport Road, and guest at the event, praised the new facility: "It's inspiring to see how Belenus Champion Hospitals integrates the latest technology with patient-centered care. This clinic is set to elevate the standard of cardiac health services in our community."

Manohar Reddy, local BJP President, emphasized the clinic's role in enhancing community health: "This clinic represents a significant advancement in healthcare offerings available to our community. It’s a step forward in making high-standard healthcare accessible to all."

Dr. Manjunath H, Founder of Belenus Champion Hospitals, highlighted the clinic’s commitment: "Our goal has always been to lead with innovation and compassion. The Cardiology Specialty Clinic is not just a medical facility; it's a lifeline to those seeking hope and healing."

Dr. Kishore Kumar M G, Co-founder, spoke about the integration of services: "We integrate clinical expertise with personalized care, ensuring that each patient receives the best possible outcome. Our new packages will cater to diverse needs, ensuring comprehensive care for all heart-related conditions."

Dr. K. Bharathnandan Reddy, Consultant & Head Interventional Cardiology, and Dr. Prajith Pasam, Consultant Interventional Cardiology, introduced an exclusive Angiogram package priced at just ?6,499, aimed at making critical diagnostic services more affordable.

Prashanth S Desai, CEO, outlined the future vision: "Today marks a key milestone in our journey towards excellence in healthcare. We are excited about the future and the pivotal role we play in shaping health services."

Additionally, in an effort to prioritize patient health and early detection of cardiac issues, the clinic announced that anyone experiencing chest pain can walk in and receive a free ECG test, ensuring timely medical attention.

The Cardiology Specialty Clinic offers a range of specialized health packages, from basic screenings to comprehensive care plans, ensuring that patients receive tailored treatment that suits their specific needs. The clinic is equipped with cutting-edge technology and staffed by a team of renowned cardiologists and healthcare professionals dedicated to providing the highest standard.

PhonePe Showcases Its Services Powered By UPI At A Special Event In Nepal

PhonePe today showcased its services powered by the Unified Payments Interface (UPI) platform at a special event held in Kathmandu, Nepal. The event brought together key stakeholders from the Nepalese financial landscape, including senior representatives from Banking sectors, Payment System Providers, UPI accepting merchants and representatives from business associations. The event was supported by Nepal’s largest payment system operator Fonepay payment Service Limited which is also NIPL’s counterpart for Nepal.

The event saw a keynote address from Diwas Sapkota, CEO of FonePay Network, outlining the potential of UPI for Nepal's digital economy. This was followed by an engaging panel discussion on the Influence of cross-border payments on Nepal’s economy and the financial landscape. The panel included esteemed panelists like Anish Tamrakar - Chief Digital Banking Officer, Kumari Bank, Shradha Shrestha - Manager, Nepal Tourism Board, Jagdish Khadka - CEO, eSewa, and Vivek Rana - ICT/MIS Consultant, Asian Development Bank (ADB). The panel discussion addressed a range of issues related to cross-border payments and their impact on Nepal's economy and financial landscape as well as regulatory hurdles and compliance demands in facilitating international transactions. The panelists highlighted the positive influence of UPI on Nepal's tourism sector, particularly by enhancing the overall tourist experience through convenient cashless payments. The discussion further explored how cross-border payments impact the revenue streams and business models of financial institutions. Additionally, panelists examined the influence of UPI on consumer experience in Nepal, focusing on factors like convenience, interoperability, security, and cost-effectiveness. Finally, the conversation delved into the broader macroeconomic implications of cross-border payments through alternative payment methods impacting underserved small and medium scale entrepreneurs.

The program culminated in a product showcase led by Ritesh Pai, CEO of International Payments, PhonePe. His presentation provided a comprehensive overview of PhonePe's journey, highlighting its evolution. The presentation also delved into how PhonePe, powered by UPI fosters a thriving ecosystem, driving the democratization of payments across India. This was followed by a demonstration of solutions that benefit both Indian tourists and Nepalese merchants. Drawing parallels with the Indian market success story, the presentation illustrated how PhonePe can replicate this success in Nepal.

Nepal is a very popular destination among Indian visitors who can now use UPI to pay at various tourist spots, retail stores, religious sites, and other popular locations. Users simply need to scan QR codes from their preferred UPI-enabled app at merchant locations who are enrolled in Fonepay QR scheme in Nepal.

This is facilitated through Fonepay’s partnership with NPCI International Payments Limited (NIPL). Through this partnership, Fonepay has enabled QR-code-based payments across payment service providers, leading banks and wallets , allowing Indian travelers to use UPI for transactions.

Additionally, going forward shortly, tourists and visitors from Nepal traveling to India will be enabled to utilize their financial instruments like wallet-based apps to scan the UPI QR code and make payments effortlessly.

Speaking on the sidelines of the event, Ritesh Pai, CEO International Payments, PhonePe, said, "We're thrilled to be showcasing services powered by UPI in Nepal. This gathering has brought together key players from Nepal’s financial landscape, including Fonepay, leading business figures, and representatives from hospitality and tourism. It's a testament to the collaborative spirit that will ensure UPI's success in Nepal. We are thankful for their presence and participation today. Nepal is a popular tourist destination, particularly for travelers from India. With UPI, Indian tourists can now enjoy the same convenient cashless payment experience they're accustomed to back home, using UPI powered apps such as PhonePe. This will not only enhance their travel experience but also encourage digital transactions."

Addressing the event, Diwas Kumar, CEO Fonepay Nepal, said, “This is a moment of immense pride and joy for Fonepay Payment Service Ltd. Our 4 years of journey to bring cross border payments in Nepal is finally successful and UPI payment is Live in Nepal. As we introduce UPI payments in partnership with NPCI International, and welcome PhonePe to Nepal, we see a future where smooth digital transactions boost economic growth and financial inclusion, benefiting merchants and businesses. We extend our heartfelt gratitude to the regulators, government agencies for their invaluable support, recognizing innovations and supporting private sector efforts in facilitating Nepal’s journey towards digital transformation. We urge authorities to foster an ecosystem that embraces and supports innovations, promote partnership with private sector players in technological advancements and bringing state of art products and services to Nepalese consumers "

About PhonePe Group:

PhonePe Group is India’s leading fintech company. Its flagship product, the PhonePe digital payments app, was launched in Aug 2016. In just 7 years, the company has scaled rapidly to become India’s leading consumer payments app with 520+ million registered users and a digital payments acceptance network of 38 million merchants. PhonePe also processes 230+ million daily transactions with an annualized Total Payment Value (TPV) of USD 1.5+ Trillion.

On the back of its leadership in digital payments, PhonePe Group has expanded into financial services (Insurance, Lending, Wealth) as well as new consumer tech businesses (Pincode - hyperlocal e-commerce and Indus App Store - India's first localized App Store). PhonePe Group is an India headquartered technology company with a portfolio of businesses aligned with the company's vision to offer every Indian an equal opportunity to accelerate their progress by unlocking the flow of money and access to services.

About FonePay:

Fonepay is the largest Payment System Operator of Nepal Licensed and regulated by Central Bank of Nepal (Nepal Rastra Bank). A subsidiary of the F1Soft Group, Fonepay is an ISO 27001:2013 certified company. Fonepay has been making active efforts to contribute towards a cashless economy by enabling fast, secure, and reliable digital cashless payment services to bank and wallet customers as well as businesses. The company is focused on bringing innovations to the mobile payment network through the usage of technology to achieve greater efficiency in operations and widen the reach of payment systems.

For more information, visit:

MIT-Manipal Wins IMC RBNQ Milestone Merits Recognition 2023 - Customer Focus

In a significant achievement, the Manipal Institute of Technology (MIT) has been honored with the prestigious IMC RBNQ Milestone Merits Recognition for 2023 in the Customer Focus Category. The award ceremony took place at the Walchand Hirachand Hall within the IMC Chamber of Commerce & Industry in Churchgate, Mumbai.

Nobel laureate Kailash Satyarthi presented the award, which was received by Dr. Somashekhara Bhat, Joint Director of MIT-Manipal, on behalf of the institution. The selection process for the award involved a rigorous assessment of applications, carried out by an experienced panel of examiners from various industries, underscoring the integrity and competitiveness of the award.

Cdr. (Dr.) Anil Rana, Director, MIT, addressing the press, highlighted the significance of this recognition. "The RBNQ Milestone Merits Recognition in the Customer Focus Category, coupled with last year’s Milestone Merits Leadership Award, underscores MIT-Manipal’s commitment to providing world-class quality and experiential education," he stated. Dr. Bhat extended heartfelt congratulations to the Team MIT, whose relentless efforts he credited for securing this accolade. He said that the achievement not only celebrates MIT’s commitment to excellence but also sets a benchmark for educational institutions striving for quality and customer satisfaction in their offerings.

Friday, May 3, 2024

Blue Dart Sales At Rs 5,268 Crore; Financial Performance Driven By Revenue Growth And Strategic Investments

Blue Dart Express Limited, South Asia's premier express air, integrated transportation, and distribution logistics Company, declared its financial results for the quarter and year ended March 31, 2024, at its Board Meeting.

During the fiscal year ending March 31, 2024, revenue from operations stood at Rs 5,268 crore, accompanied by a profit after tax of Rs 289 crore. This marks sustaining of revenue levels after significant surge observed in post-pandemic period. Revenue from operations for the quarter ended March 31, 2024, is at Rs 1,323 crore with a growth of 8.7% and profit after tax is Rs 76 crore with a growth of 8.1%, signifying the growth rates getting further momentum in the last quarter vs. full year.

Reflecting on the company's performance, Balfour Manuel, Managing Director, Blue Dart Express, stated, "In FY24, our profit margin levels have been sustained amidst network expansion and infrastructure investments in the recent quarters. These initiatives included the establishment of crucial air routes through the acquisition of two 737 freighters and the inauguration of state-of-the-art facilities. With addition of network and capacities, the growth in volumes in picking up additional momentum. The volumes have continued to grow with 9.5% growth in shipments and 4.4% growth in weights during the financial year. Additionally, we introduced innovative shipping platforms and forged strategic partnerships to further enhance our operations. These efforts signify our commitment to improving customer experience and strengthening market position. Amidst this trajectory of growth, we have consistently maintained operational efficiency, serving as a testament to our pursuit of excellence."

Discussing the business outlook, he highlighted, "We are optimistic about the opportunities that lie ahead. Aligned with India's development path, we are focusing on offering expedited deliveries across the country. With our capabilities, leadership, and the strength of our ground surface and air operations, we are poised to realize our goals.”

In 2024, Blue Dart received the distinction of being a Top Employer and Best Organization for Women. As an ‘Equal Opportunity Employer,’ the company has embedded robust policies and initiatives aimed at empowering women into the company’s DNA. Additionally, the company was recognized as a Well-Known Trademark by the Indian Trademark Registry. The company continues to prioritize Exceptional Service Quality, leveraging automation and technology to deliver seamless, one-stop logistics solutions to its customers.

IN-SPACe Releases Norms, Guidelines And Procedures (NGP) For Implementation Of Indian Space Policy 2023

Indian National Space Promotion and Authorization Centre (IN-SPACe) was constituted in October 2021 as part of the far-reaching reforms in the space sector brought out by the Government of India, aiming towards boosting private sector participation in the entire range of space activities. IN-SPACe was created with a mandate to regulate and authorize all space activities undertaken by the Government entities and Non-Government Entities (NGEs), along with its role as a promoter, enabler and supervisor for the NGEs engaged in the space activities in the country.

The release of Indian Space Policy-2023 in April 2023 by the Government of India was a watershed moment for the Indian space sector. This policy permitted NGEs to participate in space activities end-to-end. In line with the role of IN-SPACe defined in ISP-2023, IN-SPACe has formulated and released today the Norms, Guidelines and Procedures (NGP) for implementation of the Indian Space Policy 2023 in respect of Authorization of Space Activities.

The NGP would complement Government endeavour in providing predictable regulatory regime, transparency and ease of doing business in Indian space sector. The NGP document lists space activities which need authorization from IN-SPACe, specifies criteria for granting such authorizations and provides necessary guidelines/pre-requisites to be fulfilled by an Applicant for making authorization application to IN-SPACe. The NGP document can be viewed and downloaded from IN-SPACe digital portal (

About IN-SPACe:                                                                         

Indian National Space Promotion and Authorization Centre (IN-SPACe) is an autonomous nodal agency attached to the Department of Space, Government of India formed on 24 June 2020 to promote, enable, authorize and supervise non-government entities (NGE) to undertake space activities. These activities include manufacturing of launch vehicles and satellites, providing space-based services, establishing a ground station, sharing of space infrastructure & facilities; and establishing new facilities under DOS.

IN-SPACe is currently functioning with three directorates viz., Promotion Directorate (PD), Technical Directorate (TD) and Program Management and Authorization Directorate (PMAD) and Legal, Finance and Administration Wing with its headquarters at Ahmedabad.  

Coforge Records Weak Operating Performance; Cigniti Acquisition To Support FY27 Goals


TARGET PRICE (Rs) : 5,200

Coforge posted weak Q4 results – revenue and margin both missed estimates. Deal intake grew >2x in Q4, QoQ and YoY, on the back of a large renewal deal (USD400mn TCV; 6Y tenure). NTM executable orderbook grew 5%/17% QoQ/YoY; growth was slower than the deal intake on higher share of renewal. Mgmt refrained from giving quantitative revenue guidance, unlike in prior few years, due to market uncertainty. Coforge has entered into a share purchase agreement with promoters/select public shareholders of Cigniti Technologies, for acquiring up to ~54% stake for cash consideration of Rs1,415/sh, to scale new verticals/improve US presence. We cut FY25E/26E EPS by 15.3%/11.8%, factoring-in the Q4 miss, slower revenue and weak margin trajectory. We do not incorporate the Cigniti acquisition in our estimate, awaiting more clarity. Given the soft margin trajectory, potential equity dilution, and merger-related risks, we cut target PER to 28x (from 30x). Despite the 10%/22% correction in stock price in the last 1M/3M, we believe valuation is rich as the earnings cut remains rather severe; retain REDUCE; cut TP to Rs5,200 at 28x Mar-26E EPS.

Results Summary

Revenue grew 1.7% QoQ (1.9% cc) to USD286.8mn, lower than our estimate of USD290.2mn. For FY24, the company delivered revenue growth of 13.3% YoY (in cc), close to the lower end of its guidance of 13-16%. Adjusted EBITDAM (excluding ESOP and acquisition related expenses) expanded by 100bps QoQ to 19%, and missed Management guidance of 150-200bps expansion as well as our expectation of 19.7%. Reported EBITM missed our estimates by 120bps due to the adjusted EBITDAM miss and higher ESOP costs. Revenue growth was led by BFS (6.6% QoQ) and Travel (1%). The insurance vertical was flat, whereas other emerging verticals declined (-2%). Total TCV of fresh-order intake was USD774mn (including 2 large deals) vs USD354mn in Q3. Executable order book over the next 12 months is USD1,019m compared with USD974mn in Q3. The quarter saw 8 new client additions. Headcount grew 0.5% QoQ to 27,726. The company declared a final dividend of Rs19 per share. What we liked: Strong deal wins, traction in BFS. What we did not like: EBITM miss and guidance trajectory.

Earnings Call KTAs

1) Company has agreed to enter into a share purchase agreement with the promoters and select public shareholders of Cigniti Technologies, to acquire up to ~54% stake (between ~51% and ~54%, depending on the open offer outcome). It intends to merge both companies via share swap, after obtaining shareholder approval post-open offer. 2) Cigniti acquisition will help Coforge grow into a USD2bn firm by FY27, with ensuing synergies aiding it to improve margin by 150-250bps over the same period (more details ahead). 3) Demand environment remains challenging amid macro uncertainties, though Mgmt expects all verticals to register growth. 4) Order intake for Q4 was USD774mn, with 8 new client logos being added. This quarter included 2 large deals: a USD400mn 6-year deal in the BFS vertical, and a USD55mn 3-year deal in the insurance vertical. Company ended FY24 with its highest-ever order intake of USD1.97bn. 5) Management is confident about delivering robust growth in FY25, backed by a 17.3% higher executable order book YoY. 6) Mgmt. believes that gross margin and adjusted EBITDAM will expand by 50bps each in FY25. Reported EBITDAM should remain flat in FY25 due to higher ESOP costs (50-60bps higher YoY due to first year of the new ESOP scheme). It expects 70-80bps margin tailwinds in ESOP costs in FY26. 7) Weakness in travel was on account of the largest account in the vertical being under immense pressure. Ex this, travel vertical would have grown in double digits. This account is bottoming out now. 8) BFS continues to lead the growth in FY24, while Insurance has turned around smartly.

Indegene IPO Open From Monday, May 6-8, 2024, To Turn Debt Free Post IPO

* Price Band fixed at Rs 430 per equity share to Rs 452 per Equity Share of face value of Rs 2 each of Indegene Limited (“Equity Shares”) 

* Anchor Investor Bidding Date: Friday, May 03, 2024 

* Bid /Offer Opening Date: Monday, May 06, 2024 

* Bid/ Offer Closing Date: Wednesday, May 08, 2024

* Bids can be made for a minimum of 33 Equity Shares and in multiples of 33 Equity Shares thereafter 

* The Floor Price is 215 times and the Cap Price is 226 times the face value of the Equity Shares.

Indegene Limited (the “Company”) proposes to open its initial public offering (“Offer”) on Monday, May 06, 2024, 2024. Bid/ Offer Closing Date will be Wednesday, May 08, 2024. Anchor Investor Bidding Date is one Working Day prior to Bid/Offer Opening Date, that is, Friday, May 03, 2024.  Indegene The healthcare solutions provider, backed by private equity giant Carlyle, is aming to be a zero-debt company post its initial public offering (IPO) issue. The company is gearing up to raise around Rs 1,850 crore from the offering that kicks off on May 6.

The Price Band of the Offer has been fixed from ?430 per Equity Share to ?452 per Equity Share. Bids can be made for a minimum of 33 Equity Shares and in multiples of 33 Equity Shares thereafter.  

The Offer comprises of a Fresh Issue of equity shares aggregating up to ? 7,600 Million (The “Fresh Issue”) and an offer for sale of up to 23,932,732 Equity Shares (The “Offered Shares”), comprising of up to 1,118,596 Equity Shares by Manish Gupta aggregating up to such million, up to 3,233,818 Equity Shares by Dr. Rajesh Bhaskaran Nair aggregating up to such million, up to 1,151,454 Equity Shares by Anita Nair aggregating up to such million (Collectively with Manish Gupta and Dr. Rajesh Bhaskaran Nair, The “Individual Selling Shareholders”), up to 3,600,000 Equity Shares by Vida Trustees Private Limited (Trustee of Fig Tree Trust) in its capacity as partner of Group Life Spring aggregating up to such million, up to 2,657,687 Equity Shares by BPC Genesis Fund I SPV, Ltd. aggregating up to such million, up to 1,378,527 Equity Shares by BPC Genesis Fund I-A SPV, Ltd. aggregating up to such million and up to 10,792,650 Equity Shares by CA Dawn Investments aggregating up to such million (Collectively with Vida Trustees Private Limited, BPC Genesis Fund I SPV, Ltd And BPC Genesis Fund I-A SPV, Ltd., The “Investor Selling Shareholders” And Collectively With The Individual Selling Shareholders, The “Selling Shareholders” And Such Equity Shares, The “Offered Shares”). 

The offer includes a Reservation of up to such number of Equity Shares, aggregating up to ?125 Million, for subscription by Eligible Employees (“Employee Reservation Portion”). The Offer less the Employee Reservation Portion is hereinafter referred to as the “Net Offer”.  A discount of ?30 per equity share is being offered to Eligible Employees bidding in the Employee Reservation Portion (“Employee Discount”). 

The Company intends to use the proceeds of the Fresh Issue utilize towards funding the Repayment/prepayment of indebtedness of one of its Material Subsidiaries, ILSL Holdings, Inc., funding the capital expenditure requirements of the Company and one of its Material Subsidiaries, Indegene, Inc. as well as funding the general corporate purposes and inorganic growth. 

The Offer is being made through the Book Building Process, in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”) read with Regulation 31 of the SEBI ICDR Regulations and in compliance with Regulation 6(1) of the SEBI ICDR Regulations, wherein in terms of Regulation 32(1) of the SEBI ICDR Regulations, not more than 50% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”, and such portion, the “QIB Portion”) provided that our Company in consultation with the BRLMs, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (“Anchor Investor Portion”), of which at least one-third shall be available for allocation to domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the Net QIB Portion. Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis only to Mutual Funds and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors) including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining QIB Portion for proportionate allocation to QIBs. Further, not less than 15% of the Net Offer shall be available for allocation to Non-Institutional Bidders of which (a) one-third of such portion shall be reserved for applicants with application size of more than ?200,000 and up to ?1,000,000; and (b) two-third of such portion shall be reserved for applicants with application size of more than ?1,000,000, provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of Non-Institutional Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received above the Offer Price, and not less than 35% of the Net Offer shall be available for allocation to Retail Individual Bidders (“RIBs”) in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price. Further, Equity Shares will be allocated on a proportionate basis to Eligible Employees applying under the Employee Reservation Portion, subject to valid Bids received from them at or above the Offer Price. All Bidders (except Anchor Investors) are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA accounts (including UPI ID for UPI Bidders using UPI Mechanism) in which the Bid Amount will be blocked by the SCSBs or the Sponsor Banks, as applicable, to participate in the Offer. Anchor Investors are not permitted to participate in the Anchor Investor Portion of the Offer through the ASBA process.

The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on BSE and NSE. The Company has received in-principle approvals from BSE and NSE for listing of the Equity Shares pursuant to their letters dated January 18, 2023 and January 19, 2023, respectively.

Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited and Nomura Financial Advisory and Securities (India) Private Limited are the book running lead managers (“Book Running Lead Managers” or “BRLMs”) to the Offer.

Capitalised term herein shall have the same meaning as ascribed to them in the Red Herring Prospectus dated April 26, 2024 ("RHP”) filed with the Registrar of Companies, Karnataka at Bengaluru ("RoC”).

Samsung Eyes INR 10,000 Crore Sales From TV Business With Launch Of 2024 Neo QLED and OLED AI Televisions In India

* Samsung is India's number 1 TV manufacturer, per research agency Omdia

* Samsung launched the 2024 range of New QLED 8K, 4K and OLED TVs starting at INR 139990

Samsung, India’s largest consumer electronics brand, is aiming to hit the INR 10,000 crore sales milestone for its television business in India, with the launch of its 2024 lineup of AI televisions. According to analysts, no television brand has achieved this significant milestone in India so far.

“With the launch of our new range of AI-powered 8K Neo QLEDs, 4K Neo QLEDs and OLED TVs, we are confident of driving our revenues and extending our market leadership

in India this year. In 2024, we are looking at achieving a milestone of INR 10000 crore in revenue from our TV business in India. Our Neo QLED 8K AI TVs promise an immersive viewing experience with lifelike picture quality and premium audio," said Mohandeep Singh, Senior Vice President, Visual Display Business, Samsung India.

Citing data from research firm Omdia, Samsung said it is India’s number one television brand with 21% volume market share as of 2023. Samsung said it is the biggest TV brand in India for the last five years, according to Omdia.

The newly-launched Neo QLED 8K, Neo QLED 4K and glare-free OLED TVs come with transformative power of Artificial Intelligence (AI), helping improve consumers' lifestyles, Samsung said. The new AI-powered Neo QLED 8K, Neo QLED 4K and OLED TVs redefine the home entertainment experience and offer new innovations across accessibility, sustainability and enhanced security with the power of AI.

Samsung's new AI-powered televisions come with several AI features such as AI Picture Technology, AI Upscaling Pro and AI Motion Enhancer Pro. With the AI Energy Mode, consumers can save power without compromising picture quality.

Samsung Neo QLED 8K is available in two models, QN900D and QN800D, and in sizes of 65, 75, and 85 inches. The Neo QLED 4K is available in two models, QN85D and QN90D, and in sizes of 55, 65, 75, 85 and 98 inches.  Samsung OLED TV will be available in two models — S95D and S90D — in sizes of 55, 65, 77 and 83 inches.

With the new Samsung televisions, users can have peace of mind as these televisions come with Samsung Knox that helps secure every feature, app, and platform.

•            Samsung’s Neo QLED 8K range starts from INR 319990

•            Samsung’s Neo QLED 4K range starts from INR 139990

•            Samsung’s OLED range starts from INR 164990

About Samsung Electronics Co., Ltd.

Samsung inspires the world and shapes the future with transformative ideas and technologies. The company is redefining the worlds of TVs, smartphones, wearable devices, tablets, home appliances, network systems, and memory, system LSI, foundry and LED solutions, and delivering a seamless connected experience through its SmartThings ecosystem and open collaboration with partners. For latest news on Samsung India, please visit Samsung India Newsroom at For Hindi, log on to Samsung Newsroom Bharat at You can also follow us on Twitter @SamsungNewsIN.

Marriott International Announces Its 150th Hotels, With Opening Of Katra Marriott Resort & Spa In Katra, Jammu & Kashmir

* Wonderful Hospitality Awaits At One Of India’s Most Revered Spiritual Destinations With The Brand Debut Of Marriott Hotels In Jammu & Kashmir

Marriott Hotels, the namesake brand of Marriott Bonvoy’s extraordinary portfolio of over 30 hotel brands, today announced the opening of Katra Marriott Resort & Spa in the serene landscapes of Katra, Jammu & Kashmir. The brand’s debut in the spiritually significant destination, marks a milestone as the 150th Marriott International hotel to open in the country. Nestled amidst the serene landscapes of the Trikuta hills, popularly known as the Vaishno Devi Hills, this purely vegetarian resort offers a captivating blend of heartfelt service and spirituality. Here, guests are invited to partake in leisurely nature walks, all while immersing themselves in the vibrant culture and culinary delights of Katra.

Katra, a spiritual region known for Shri Mata Vaishnodevi Shrine and Trikuta Hills, offers a picturesque landscape for the fulfilment seekers. The resort provides unparalleled access to the region's nearby attractions, including Patnitop Hill Station, Mansar Lake and Krimchi Temple, all of which are within an hour’s drive from the resort. Katra’s local market is 5-mins away from the resort, where guests can enjoy authentic local cuisine and shop for traditional handicrafts and souvenirs, intricate papier-mâché creations and walnut wood carvings. The city is accessible by road and well connected to leading metro cities in Northern India like Delhi, Chandigarh and Amritsar. Katra is 50 kms from Jammu Airport and 222 kms from Srinagar International Airport.

Commenting on this significant opening for India, Ranju Alex, Area Vice President, South Asia, Marriott International said “As we celebrate the milestone opening of our 150th Hotel in India, we acknowledge not just our prominent presence in the country, but also the unique and enriching experiences our hotels provide through their distinctive architecture and design, world-class food and beverage offerings and curated amenities that provide exceptional, one-of-a-kind stays. We continue to have confidence in the resilience of our brands and our teams and remain steadfast in our commitment to advancing our growth through a strong pipeline of hotels.”

Inspired by the natural beauty of its surroundings, the design of Katra Marriott Resort & Spa seamlessly transforms myth into mesmerizing reality. The Greatroom lobby, comprising an open and warm reception with an enigmatic central sculpture adorned with ancient inscriptions envelopes guests with a calm, mystic aura from the moment they enter the resort. The flower chandelier, reminiscent of shrine offerings, offers an immediate connection to the beautiful rituals of the land. Each element, from the mandala-inspired lounge seats to every intricate detail, embodies the hotel’s unwavering commitment to seamlessly merging spirituality with breathtaking design, promising a transcendent experience for all who step through its doors.

Unforgettable Stays

Katra Marriott Resort & Spa features 100 modern, inviting guest rooms, suites and cottages, offering breathtaking views of the Shri Mata Vaishno Devi Shrine and lush green landscapes. Each cottage offers a sanctuary of relaxation with natural sunlight, plush comfortable bedding and contemporary comforts. Some of the rooms open to private balconies, providing guests with space to unwind and relax over the harmonious symphony of birdsong and views of rolling green hills. The cottage suites also feature a private swimming pool, allowing guests to indulge in a refreshing dip within the comfort and privacy of their own space.

For those seeking relaxation and rejuvenation, the Quan Spa offers five therapy rooms with treatments that embrace the ancient wisdom of Ayurveda and contemporary wellness practices. Enriching experiences are also provided through the rich nature cover that envelopes the Katra Marriott Resort & Spa. Guests can start their day with revitalizing yoga sessions or guided-walks amidst the picturesque backdrop of Trikuta Hills. As twilight descends, serenity awaits to soothe the senses, with the evening rituals of hi-tea at Vat Vriksh, commonly known as the banyan tree.

Fitness enthusiasts can recharge their body and mind at a fully equipped fitness center or indulge in some quiet calm by the poolside. Kids can enjoy themselves at the Kid’s Club, a wonderland of fun and engagement , with a dynamic play area that sparks joy and creativity.

Exquisite Dining

The resort promises a delightful culinary adventure for those seeking pure vegetarian and non-alcoholic indulgences. TPK (Three Peaks Kitchen), the contemporary all-day dining restaurant, features international favourites and the myriad flavours of traditional Katra cuisine. Meanwhile, the KBC (Katra Baking Company) is an inviting and sophisticated space for guests to relax and reconnect over bakery delights, artisanal teas, full-bodied coffees and creatively infused mocktails, dressed with seasonal ingredients amidst a relaxed ambiance.

A Place for Celebrations

With over 12,000 square feet of event spaces encompassing two stunning venues - The Pine Ballroom and Mulberry Hall, including three lawns the resort offers the largest banquet space in the city . With its flexible layouts and the picturesque landscape as a backdrop, the hotel emerges as an ideal destination to host weddings, intimate family gatherings, and corporate team outings

"We are excited to welcome guests to Katra Marriott Resort & Spa, our spiritual haven, nestled at the foothills of the divine Vaishno Devi Shrine, where hospitality meets fulfilment," said Satish Srinivasamurthy, General Manager, at Katra Marriott Resort & Spa. “Whether you seek spiritual solace, leisurely indulgence, memorable weddings, or wellness escapes, we are dedicated to crafting enriching experiences and offering thoughtful services that reflect the true essence of wonderful hospitality."

For reservations and more information, please visit   

NueGo Teams Up With Highly Anticipated T-Series Film “SRIKANTH” Starring Rajkumar Rao


* Offering a special 10% discount for its guests by using code "SRIKANTH", across all routes

GreenCell Mobility's NueGo, India's leading electric intercity bus brand, is thrilled to announce its partnership with the much-anticipated Bollywood film “SRIKANTH”, starring the talented Rajkummar Rao. This collaboration further strengthens NueGo's positioning as a sustainable inclusive brand and underscores T-Series' commitment towards sustainability.

Currently, NueGo is successfully serving customers in 100+ cities across the country, offering a seamless booking process, safe and comfortable travel experience, and sustainable impact on the environment. With this partnership both brands are expanding its outreach to a diverse audience, advocating for eco-friendly travel solutions across India.

As part of this venture, travellers can enjoy an exclusive 10% discount on all routes by using the code "SRIKANTH" when booking exclusively through the NueGo App and Website (

This limited-time offer, valid until May 30, 2024, presents a unique opportunity for eco-conscious travellers to experience safe and comfortable intercity travel during the summer season.

Speaking on the collaboration, Mr. Devndra Chawla, CEO & MD, GreenCell Mobility said, "We are excited to collaborate with the movie 'SRIKANTH' and its talented lead actor Rajkummar Rao. This partnership aligns with NueGo's mission of providing a safe, comfortable, and sustainable travel experience to our guests, while also raising awareness about eco-friendly inter-city electric bus transportation among a broader audience."

NueGo, renowned for its emphasis on guest centricity and comfort, ensures a reliable and delightful experience for both corporate and leisure travellers. With a wide schedule of buses operating around the clock and multiple boarding points across cities, NueGo offers unrivalled flexibility and convenience to its guests. Positioned as the preferred choice for safe and sustainable travel, NueGo sets the bar high with an array of safety features.

About NueGo:

NueGo is India’s leading premium electric bus coach brand from GreenCell Mobility. A guest centric brand, NueGo which is currently operating in 100+ cities in India, runs through 25 stringent safety checks including mechanical and electrical inspections. These electric coaches can run 250 kilometres in a single charge, with the air conditioners on, in traffic conditions. NueGo coaches are fitted with innovative technology and offer end to end convenience for inter-city travellers with focus on Safety, Punctuality, and seamless guest experience. NueGo has well trained and courteous staff, offers airport-like premium lounges in selective cities. These lounge offers guest assist, luggage management services and curated F&B menu and on board with on-time performance.

About the Movie:

Gulshan Kumar and T-Series Presents a T-Series Films & Chalk N Cheese Films Production LLP, SRIKANTH is directed by Tushar Hiranandani, is produced by Bhushan Kumar, Krishan Kumar & Nidhi Parmar Hiranandani. The film releases nationwide on 10th May 2024.

Godrej Properties Consolidated Financials For Q4 FY24 Results

 ·         GPL’s best ever quarterly and annual sales - booking value stood at INR 9,519 crore in Q4 FY24, up 135% YoY and 66% QoQ, and grew 84% to INR 22,527 crore for FY24

·         Highest ever quarterly and annual net profit of INR 471 crore in Q4 FY 24 and INR 725 crore for FY24

·         Highest ever quarterly and annual collections with INR 4,693 crore in Q4 FY24 and INR 11,436 crore in FY24

·         Highest ever annual project deliveries with projects aggregating ~12.5 million sq. ft. delivered in FY24

·         Strong year for business development with addition of 10 projects with a total estimated booking value of ~INR 21,225 Crore

Godrej Properties Limited (GPL), a leading national real estate developer, announced its financial results for the fourth quarter ended March 31, 2024.


Sales Highlights

Q4 FY24 was GPL’s highest ever quarterly sales for the third quarter in a row witnessing total booking value of INR 9,519 crore from the sale of 5,331 homes with 8.17 million sq. ft. of area sold. This is the highest ever quarterly sales announced to date by any publicly listed real estate developer in India.

FY24 bookings grew to INR 22,527 crore in FY24, a growth of 84% over the previous best ever year and 61% above the guidance provided at the start of the year. This is the highest ever annual sales announced to date by any publicly listed real estate developer in India. This was achieved through the sale of 14,310 homes with a total area of 20 million sq. ft.

Sales were driven by superlative consumer demand in some key new project launches. Godrej Zenith in NCR achieved a booking value of INR 3,008 crore and Godrej Reserve in MMR achieved a booking value of INR 2,693 crore. Both of these projects were the best ever launches for GPL in the respective markets.

In FY24, 4 projects (including Godrej Aristocrat launched in Q3 and Godrej Tropical Isle launched in Q2) achieved over INR 2,000 crore booking value.

GPL’s bookings in NCR in FY24 grew 180% to INR 10,016 crore and GPL’s bookings in MMR grew 114% to over INR 6,545 crore.

·         Highest ever quarterly sales in MMR with sales of INR 4,022 crore in Q4FY24.

8 new projects/phases were launched during the quarter across 5 cities

Business Development

·         Added 4 new projects with a total estimated saleable area of 11.2 million sq. ft. and total estimated booking value of ~INR 12,800 Crore in Q4 FY23

*Original agreement for sale of land was entered into by GPL in 2014, the deal has been revived recently and GPL now expects to launch the first phase of development on this land in the current financial year.

·         For FY24, added 10 new projects with an estimated revenue potential of ~INR 21,225 crore, 42% above the BD guidance of INR 15,000 Crore of estimated booking value.

Other Highlights

Highest ever cash collections of INR 4,693 crore for Q4FY24 and INR 11,436 crores for FY24 leading to net operating cash flow growth of 16% YoY to INR 2,607 crore in Q4 FY24 and 23% to INR 4,334 crores in FY24.

Delivered ~6 million sq. ft. across 7 cities in Q4 FY24 taking overall deliveries for FY24 to ~12.5 miilion sq. ft.

GPL received 38 awards in Q4 FY24 and a total of 96 awards in FY24.

Commenting on the performance of Q4 FY2024, Mr. Pirojsha Godrej, Executive Chairperson, Godrej Properties Limited, said:

“Godrej Properties delivered a robust and well-rounded performance in FY24 registering its best-ever bookings, cash collections, earnings, and deliveries as well as a strong year for business development. The residential real estate sector in India has been strong over the past three years and we believe the sectoral tailwinds will continue over the next few years. The significant levels of business development we have executed in previous years at favourable terms allowed us to scale our bookings by 84% to INR 22,527 crore in FY24 and become the largest publicly listed real estate developer in India be sales.

In FY25, we hope to grow residential bookings to over INR 27,000 crore through the launch of a large number of exciting new projects combined with strong sustenance sales. This combined with strong project deliveries should allow us to maintain rapid growth in operating cash flows as well. With a robust launch pipeline, strong balance sheet, and sectoral tailwinds, we are confident of an outstanding FY25.”

Financial Overview (Consolidated)

Q4 FY24 performance overview compared with Q4 FY23

·         Total Income grew by 1% to INR 1,952 crore as compared to INR 1,930 crore

·         EBITDA grew by 3% to INR 649 crore as compared to INR 630 crore

·         Net Profit grew by 14% to INR 471 crore as compared to INR 412 crore

·         EPS# amounted to INR 16.95 as compared to INR 14.82

#not annualised

FY24 performance overview compared with FY23

·         Total Income grew by 45% to INR 4,362 crore as compared to INR 2,998 crore

·         EBITDA grew by 20% to INR 1,197 crore as compared to INR 994 crore

·         Net Profit grew by 27% to INR 725 crore as compared to INR 571 crore

·         EPS amounted to INR 26.09 as compared to INR 20.55

About Godrej Properties Limited: 

Godrej Properties brings the Godrej Group philosophy of innovation, sustainability, and excellence to the real estate industry. Each Godrej Properties development combines a 127-year legacy of excellence and trust with a commitment to cutting edge design, technology, and sustainability. In FY 2021, Godrej Properties emerged as the largest developer in India by the value and volume of residential sales achieved.

Godrej Properties has deeply focused on sustainable development. In 2010, GPL committed that all of its developments would be third party certified green buildings. In 2020 and again in 2021 and 2022, the Global Real Estate Sustainability Benchmark ranked GPL #1 globally amongst listed residential developers for its sustainability and governance practices. In 2017, GPL was one of the founding partners of the Sustainable Housing Leadership Consortium (SHLC), whose mission is to spread sustainable development practices across the Indian real estate sector. In recent years, Godrej Properties has received over 400 awards and recognitions, including the Porter Prize 2019, The Most Trusted Real Estate Brand in the 2019 Brand Trust Report, Builder of the Year at the CNBC-Awaaz Real Estate Awards 2019, and The Economic Times Best Real Estate Brand 2018.

Suzuki Motorcycle India Kicks-Off The FY 2024-25 With 99,377 Units Sale In April

*  Achieves All-time High Sales of 88,067 units in the domestic market

Riding into the FY 2024-25 on a positive note, Suzuki Motorcycle India Pvt. Ltd. (SMIPL), the two-wheeler subsidiary of Suzuki Motor Corporation, Japan, today announced its sales numbers for the month of April 2024.

The company’s total sales for April’24 closed at 99,377 units, up by 12% from 88,731 units sold in April’23. The month also saw the company registering its highest ever sales of 88,067 units in the domestic market and achieving a remarkable 31% growth against 67,259 units sold in April’23. However, exports were lower at 11,310 units in April’24 compared to 21,472 units in April’23.

Speaking on the company’s sales performance, Mr. Devashish Handa, Executive Vice President, Sales, Marketing & After Sales, Suzuki Motorcycle India said, “We have had a very encouraging start this Financial Year with the month of April marking our highest ever domestic sale. As we experience continual growth in our sales volume, we are humbled and overwhelmed by the ever-increasing patronage that Brand Suzuki has been receiving from the Indian Two-Wheeler Customers. We would also like to thank each member of our Dealer Network and all our business associates without whose support and collaboration this accomplishment would not have been possible. We are determined to come up to the expectations of our customers and continue this momentum going forward as well.”

In April’24, SMIPL celebrated the 8-million cumulative two-wheeler production milestone. The company also launched the 25th Anniversary Edition of its Flagship Motorcycle Hayabusa.


Suzuki Motorcycle India Private Limited is a subsidiary of Suzuki Motor Corporation, Japan wherein they have the same manufacturing philosophy of PRODUCTS OF SUPERIOR VALUE right from the inception. SMIPL manufactures two-wheelers best suited for valuable Indian customers. The Company started its India operation in February 2006, having an annual production capacity of 1 million unit.

Coimbatore SaaS Firm - Responsive Surpasses $500 B In Opportunities Managed Through Its Strategic Response Management Platform

* Strategic Response Management becoming the next “must-have,” go-to-market SaaS solution for growth-oriented companies.

Responsive, the leader in Strategic Response Management software (SRM), today announced the company has enabled customers to respond to more than $500 billion in opportunities via its Responsive Platform. Strategic Response Management is rapidly becoming the next “must-have,” go-to-market SaaS solution as growth-oriented companies endeavor to put their best foot forward when responding to a growing number of deal-impacting information requests including RFPs (requests for proposals), RFIs (requests for information), security questionnaires and more.

“Out of 11,000 or so go-to-market solutions available on the market today, there are only a handful that materially impact customers’ business,” said Aragon Research CEO Jim Lundy. “Solutions such as the Responsive Platform, equipped with AI-powered Strategic Response Management capabilities, streamline labor-intensive and error-prone tasks, catering to revenue-generating businesses of all sizes.”

Today, Responsive has close to 2,000 customers of all sizes, across various industries and geographies. Key to Responsive’s success has been its deep commitment to rapid, customer-driven innovation, extensive incorporation of AI into its solutions from day one, and focus on delivering value to customers. Sample value achieved by Responsive customers include the following:  

Jumio increased the RFP win rate by more than 20% by using the Responsive Platform to centralize content, automate content review, and streamline team collaboration.

Payscale reduced RFP and questionnaire turnaround time by 25% and increased the number of questionnaires answered by 50%.

Xactly completed 70% of a response with one pass by the proposal team — allowing SMEs to focus on core business differentiators.

"Our customers regularly express how we've positively transformed their employee experience, reduced response times, helped them stay compliant, and driven greater revenue,” said Responsive CEO and co-founder Ganesh Shankar. “We are proud to have crossed the $500 billion mark in managing RFP and other information requests, which is a testament to the trust our customers have placed in Responsive to enable business growth today and in the future.”

“Since deploying the Responsive Platform to respond to our fast-growing number of proposals and other information requests, our company has increased revenue and improved turnaround time, while enhancing our brand consistency,” said Nick DeMarco, Sr. RFP Content Writer, Payscale. “Congratulations to Responsive on helping us achieve such significant operational impact.”

Additional company milestones:

Customers include more than 20 of the Fortune 100.

#1 rankings in 14 G2 Spring 2024 Grid Market Reports, including Global RFP Software for the fifth consecutive quarter.

Recognized by Forbes as one of “America’s Best Startup Employers 2024.”

According to Glassdoor, 94% of employees approve of the CEO and 86% would recommend Responsive to a friend.

Opened a new office in Coimbatore, India to accommodate the company’s fast-growing staff and increased market demand for Responsive solutions.

Named a Hot Vendor in the Strategic Response Management (SRM) market category by industry analyst firm Aragon Research.

A silver sponsor for this year’s Forrester B2B Summit North America, which will take place May 5-8, 2024 in Austin, Texas, Responsive will showcase the leading SRM category platform at booth #938. In addition, Responsive is a sponsor of 6Sense’s Club6 Experience, where it will be hosting executive connect meetings with prospects and customers. To request a meeting with Responsive at the event, please contact us at For more information and location details about the Club6 Experience, please visit here.  

About Responsive

Responsive (formerly RFPIO) is the global leader in strategic response management software, transforming how organizations share and exchange critical information. The AI-powered Responsive Platform is purpose-built to manage responses at scale, empowering companies across the world to accelerate growth, mitigate risk and improve employee experiences. Nearly 2,000 customers have standardized on Responsive to respond to RFPs, RFIs, DDQs, ESGs, security questionnaires, ad hoc information requests and more. Responsive is headquartered in Portland, OR, with additional offices in Kansas City, MO and Coimbatore, India. Learn more at

Thursday, May 2, 2024

Samsung’s 'Fab Grab Fest' Is Back With Unbeatable Offers On Smartphones, TVs, Laptops, And Digital Appliances On


Up to 77% off on select models of tablets, accessories and wearables

Up to 64% off on select models of Galaxy S series, Z series, and A series smartphones

Up to 48% off on digital appliances including select refrigerators and up to 47% off on select Convertible and WindFreeTM ACs

Up to 43% off on select models of Neo QLED 8K, Neo QLED, QLED, OLED and 4K UHD TVs

Samsung, India’s largest customer electronics brand, has announced its biggest summer sale, 'Fab Grab Fest', which offers an array of extraordinary deals and exciting cashbacks across a wide range of products on, Samsung Shop App as well as at Samsung Exclusive Stores.

During the 'Fab Grab Fest', customers can avail up to 64% off on select models of the Galaxy S series, Galaxy Z series, and Galaxy A series smartphones. Select models of Galaxy tablets, accessories and wearables will be available at up to 77% off. On the purchase of select models of Galaxy Book4 series laptops, customers can avail discounts of up to 24% off.

Select models of Samsung TVs such as the flagship Neo-QLED 8K, Neo QLED, OLED, The Frame TVs, and Crystal UHD series will be available at up to 43% off. On purchase of select models of Neo QLED 8K, Neo QLED and OLED TVs customers can avail bank cashback of up to INR 20000. Additionally, customers can avail benefits of up to INR 5000 as exchange bonus on purchase of all TVs.

The ‘Fab Grab Fest’ 2024 will offer discounts and unmatched prices on a host of digital appliances such as refrigerators, washing machines, microwaves, monitors and air conditioners.

With our ‘Buy More Save More’ platform, customers will be able to save an extra 5% on the purchase of two or more products through or Samsung Shop App. The ‘Buy More Save More’ platform allows consumers to enjoy bundled offers on a host of Samsung products.

The excitement doesn’t end here, customers can get up to 48% off on a wide range of premium appliances such as Side-by-Side Refrigerators, the elegant French-Door Refrigerators, and the versatile Frost Free Refrigerators. They can also enhance their kitchen experience with the Bespoke AI Package by purchasing three or more selected products and enjoy an extra 10% discount.

Select models of washing machines will be available at up to 50% off. Additionally, they will get a generous 20-year warranty on the Digital Inverter Motor for both Fully Automatic Front Loading and Fully Automatic Top Loading machines. For easy access, the affordable EMI option is also available starting at just INR 1490 for Fully Automatic Front Loading, INR 990 for Fully Automatic Top Loading, and INR 756 for Semi-Automatic Washing Machines.

“We are happy to bring back the most awaited summer sale on and Samsung Exclusive Stores. Through the Fab Grab Fest, we wish to bring the best deals and offers to our customers. We are witnessing an encouraging adoption of Buy More Save More, so in this Fab Grab Fest, we will extend flexibility to our customers to not only make bundles with the entire Samsung range but also enjoy an extra 5% off on the bundle. Adding to customer delight, we will also offer same day delivery on select models,” said Sumit Walia, Vice President, D2C Business, Samsung India

Select models of monitors will be available at up to 61% off. Additionally, customers will also receive a complimentary wall mount on purchase of select models of smart and gaming monitors. Samsung will also provide a 3-year warranty and up to 20% bank cashback (up to INR 10000) on all monitors.

Select models of Convertible & WindFreeTM ACs, will be available at up to 47% off. Customers can avail an extra 10% discount when purchasing two or more units of WindFree™ AC models. Moreover, these models come with an extended warranty on the PCB part, offering 1-year standard warranty plus an additional 4-year extended warranty.

As part of the exciting bank offers, customers can experience exceptional savings of up to 22.5% cashback when using HDFC Bank, ICICI Bank, and other leading debit and credit cards, with a maximum cashback of up to INR 25000.

Atlassian Unveils Rovo, A New AI-Powered Tool To Unlock Enterprise Knowledge

Atlassian Corporation (NASDAQ:TEAM), a leading provider of team collaboration and productivity software including Jira, Confluence and Trello, has launched Atlassian Rovo, its new product that leverages generative AI to help teams find, learn, and act on information dispersed across a range of internal tools. This product which turns information into action at an unprecedented speed, was unveiled at Atlassian’s annual flagship conference – Team '24.

Rovo, powered by Atlassian Intelligence, takes human-AI collaboration to the next level and teams can:

Find: Search helps teams find the exact information they need across huge volumes of data. Rovo Search can pull information from popular tools, including Google Drive, Microsoft Sharepoint, Microsoft Teams, GitHub, Slack, and Figma, to deliver even more comprehensive answers.

Learn: Gain a deeper understanding of their company’s data through AI-driven insights, knowledge cards, and AI chat for deeper data exploration.

Act: Add specialized agents to workflows to handle time-consuming tasks and to complete projects.

A common data model called ‘teamwork graph’ is Rovo’s secret sauce, which connects data from Atlassian tools and other SaaS apps to unlock a comprehensive view of any organization’s goals, knowledge, teams, and work. With every new tool connection, team action, and project event, the teamwork graph draws more connections and expands its knowledge to deliver increasingly relevant results.

Mike Cannon-Brookes, co-Founder and co-CEO, Atlassian said, “AI presents a huge opportunity for Atlassian. We have over 20 years of insights into knowledge work - how teams go about planning and tracking work, goal setting and unleashing knowledge. A year ago, we launched Atlassian Intelligence to help teams boost productivity with AI. Since then, we've woven AI into the fabric of our products across the Atlassian portfolio.”

“We're thrilled to announce Atlassian Rovo at Team ‘24 - our first product built in and for the AI era. It will solve the highly complex problem of search and knowledge discovery, and be able to act on this information across both Atlassian and third-party tools. Rovo adds the power of infinitive AI-driven teammates that you can customise to your team’s needs. It's a game changer, and we can't wait to share it with our customers,” he further added.

Find answers faster with an AI-powered search

Rovo can provide answers in seconds and the search results are personalized and contextual. Permissions are fully respected, so employees see only the information they’re supposed to see, while restricted data remains private.

Its API will be designed to let you connect niche and home-grown apps., to deliver relevant answers for any team or industry.

Get accurate, in-depth answers from any company’s unique data

When answering questions, Rovo surfaces related topics and follow-up questions teams can use to tease out more details. Plus, it's an awesome jargon-demystifier.

With Rovo Chat, teams can engage in interactive conversations to ask questions until they get the answers they need, generate new ideas, get helpful feedback, and resolve issues while they work.

AI-powered enhancements to the Atlassian product portfolio

At Team '24 event, Atlassian also made other product related announcements:

AI-enhanced Editor: Available across Trello, Bitbucket, and Jira Product Discovery, AI-enhanced editor allows users to generate pull request summaries, release notes, and other key pieces of information.

AI Summaries: Coming soon to Jira, AI summaries will allow users to get a summary of third-party links directly from a Smart Link hover card. And on Confluence, comment summaries will enable users to sort through dozens of comments.

AI Breakdowns: Atlassian Intelligence takes users' top-level work items and proposes a way to break it down into actionable pieces.

Task Automation: Coming to all Jira products, task automation will enable users to use natural language to create automation rules.

AI Analysis: New predefined queries and chart templates now make reporting and analysis easier. With AI-powered chart insights, key trends are automatically identified so users can act on them quickly.

For further details around the announcement, please visit the blog -

About Atlassian

Atlassian unleashes the potential of every team. Our agile & DevOps, IT service management and work management software helps teams organize, discuss, and complete shared work. The majority of the Fortune 500 and over 300,000 companies of all sizes worldwide - including NASA, Audi, Kiva, Deutsche Bank and Dropbox - rely on our solutions to help their teams work better together and deliver quality results on time. Learn more about our products, including Jira Software, Confluence and Jira Service Management at

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